Thursday, October 30, 2008

General Dynamics Receives $10 Million For Submarine Support Work

General Dynamics Receives $10 Million For Submarine Support Work

GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $10.2 million modification to an existing contract for submarine modernization and related work at the submarine base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE:GD).

Initially awarded in October 2006, the five-year contract has a potential value of $201.8 million if all options are exercised and funded.

Under the terms of the contract modification, Electric Boat will continue to perform non-nuclear submarine modernization and repair services at the Naval Submarine Support Facility at the submarine base. Tasks include intermediate overhaul, repair and modernization activities in support of submarines, the Shippingport floating dry-dock and support and service craft. About 270 Electric Boat employees are assigned to the work.